In-Briefs

Bolivia: Government Nationalizes Swiss Mine

July 10, 2012
| Economics
| The Americas

Late last month, Bolivia nationalized the Colquiri tin/zinc mine, which belongs to Swiss-based Glencore’s subsidiary Sinchi Wayra . . . more than 400 mine workers held a 12-day strike at the mine in June . . . a mining group threatened to occupy private mines in Bolivia if the government nationalized Colquiri . . . the mine produces zinc and tin, with annual capacity of approximately 6,000 tons of tin concentrate . . . President Evo Morales recently said he may nationalize all natural resources . . . since taking office in 2006, Morales has nationalized companies in the mining, cement, electric, telecommunications and hydrocarbon sectors . . . the nationalistic policies by Morales are already spooking investors . . . India-based Jindal Steel & Power announced it plans to cancel its $2.1 billion investment in Bolivia due to failure of the government to meet its contractual obligations . . . mining companies oppose a 2009 law forcing them into joint ventures with the government, and now worry about nationalization of properties . . . investors beyond the mining sector are also concerned about expropriations and could seek opportunities outside Bolivia as Morales continues his nationalistic policies.


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